Interview with Mr Bandula Weerasinghe

Mr Bandula Weerasinghe
Mr Bandula Weerasinghe
Jt MD, Hayleys MGT
Committee Member, Hayleys PLC
Committee Member, Hayleys PLC

Founded in 1878 as Charles P Hayley & Company, today, Hayleys is one of the largest Sri Lankan multinationals conglomerate with a portfolio of globally competitive core businesses spanning Fibre, Rubber, Environment, Plantations, Agriculture, Transportation, Inland Marketing, Knitted Fabrics and Tourism. It is a quoted and truly broad-based company with no single individual, family or institution owning more than 12 per cent. In 52 years since its incorporation as Hayleys, it has a record of 26 scrip issues and 4 modestly-priced rights issues, together with dividend payouts averaging 25 per cent in each of these years. Hayleys today accounts for 2.7 per cent of Sri Lanka's export income, 2.2 per cent of GDP and 3.2 per cent of market capitalization on the Colombo Stock Exchange. Hayleys carries a AA(lka) credit rating by Fitch Ratings. Hayleys MGT Knitting Mills, the textile arm of the group, is leading knit fabric manufacturer in Sri Lanka for export oriented apparel industry. Mr Bandula Weerasinghe is the member of Group's Management Committee and is responsible for managerial affairs of Textile sector at the ‘World of Hayleys’. He joined Hayleys in 1988. Since the inception of Hayleys MGT Knitting Mills in 1992, Mr Weerasinghe held various positions for the last 15 years, and was recently elevated to the rank of Joint Managing Director. Mr Weerasinghe is a Structural Engineer by profession. He holds BSc and an MBA from the University of Colombo, and a Post Graduate Diploma in Industrial Engineering from the National Institute of Business Management, Sri Lanka. With Face2Face team, Mr Bandula Weerasinghe shares his views on current natural and synthetic fibres market in Sri Lanka, and world over.

Can you chronicle Hayleys "textile traverses through tapestry of time"?

Hayleys got into textile business few decades ago being the sole agent for Bayer of Lever-Kuzen, Germany selling dye stuff and chemicals.

With the successes made by involving in textile industry in Sri Lanka for a long period, in 1992 Hayleys decided to diversify by venturing in to knit fabric manufacturing. This paved way to incorporate Hayleys MGT Knitting Mills as the pioneer knit fabric manufacturer in Sri Lanka for export oriented apparel industry.

Can you explain about the current natural fibre’s market for global textile industry?

Global market for apparel made out of natural fibres is growing rapidly despite emergence of newer synthetic fibres. Increasing demand on clothing made out of organic fibres and increasing awareness on fair trade has contributed to this increase during recent years.

Srilanka’s coir industry is very vital in boosting the local economy. What role does Hayleys play in it?

Hayleys has contributed tremendously towards the development of Sri Lanka’s coir industry. For instance, in 2005/06 our total value of natural fibre purchases amounted to Rs 129mn. The number of our subcontractors for this period is estimated at around 2,009 persons.

It’s noteworthy that Hayleys has placed Sri Lanka on the world map as a market leader in value added coir fibre and fibre products over the decades.

Hayleys is in fact the world’s largest producer of natural brushware, accounting for 22 percent share in this segment and is also the world’s no. 1 supplier of coir twine, accounting for 55 percent of this market.

Synthetic fibres market seems shaping up globally. Any major upheavals expected this year or in the immediate future?

With increasing awareness on re-cycled synthetic fibres and possibility in changing the properties of the fibre, for various uses of fabric, the global requirement is increasing rapidly. Yet, due to turbulence in crude oil prices in the world market, increasing cost of production of synthetics can have a definite impact by challenges from natural fibres.

How does it feel catering to leading retailers like Marks & Spencer, Tesco, and Woolworth amongst others?

The respect for human values and the concern for environment in the European up market clientele have helped aligning our selves to stringent requirements. It was very challenging to associate with those renowned retailers during last twelve years as we were able to meet their requirements beyond their expectations to differentiate them selves among other retailers.

Do you feel that the recent sops offered through trade agreement between the EU and Sri Lanka will benefit your country's textile industry significantly?

Yes. The extension of GSP+ facility in 2005 has helped our textile industry to offer variety of fabric, particularly polyester and value added to reap benefits fully by the apparel industry. We too have increased our capacities by many folds to cater apparel industry requirements replacing fabric imports to qualify for full GSP benefits.

Sri Lankan’s woolen clothing sector though small is definitely taking commendable steps in terms of growth. What is your view on this?

As the pioneer in woolen fabric manufacturer in Sri Lanka, we too are supporting the growth in clothing made out of this fabric.

How does Hayleys entitle itself as the "Best Corporate Citizen "?

A believer in social development, Hayleys has actively contributed to the welfare of the communities in which it operates. Empowering suppliers, employees and impacting society at large, the conglomerate has pursued a consistent CSR focus which has been recognized for three consecutive years at the competition for ‘Best Corporate Citizen’ organized by the Ceylon Chamber of Commerce, where Hayleys emerged as the overall winner.

How is Sri Lanka's Garment without guilt campaign running? What is Hayleys contribution towards making it a grand success?

We have been a major contributor to the Sri Lankan drive in 'Garment without guilt' by having our own philosophy of 'Fabric without guilt', it was clearly demonstrated by us with the recent recognition by SAI as the first Sri Lankan Textile manufacturer to obtain SA8000 certification. In addition, few years back, our concern to the environment was displayed by accreditation of ISO14001. We are currently in the process of obtaining the Fair Trade License and Global Organic Textile standard.

Published on: 26/11/2007

DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.